Base Metals & Energy
D A I L Y B U Z Z
COPPER
Copper futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal after data showed a drop in the number of unemployment claims to the lowest level in six weeks, signaling an improving US labour market, lifting the demand outlook for copper.Jobless claims fell 6,000 to 289,000 in the week ended December 13. The gauge measuring US services stood at 53.6 in December, with a reading above 50 signaling expansion. US leading index rose 0.6 per cent in November 2014 over the previous month, when it climbed at the same pace.At the MCX, copper futures for February 2015 contract is trading at Rs. 404.20 per 1 kg, up by 0.56 per cent, after opening at Rs. 402.50, against the previous closing price of Rs. 410.95. It touched an intra-day high of Rs. 404.80. (At 11:49 AM).
CRUDEOIL
Crude oil futures slumped in the domestic market on Friday as investors and speculators exited positions in the energy commodity amid deepening concerns over a supply glut as Saudi Arabia, the biggest crude exporter and producer in the OPEC signaled that it will keep output steady despite a freefall in prices.Saudi Arabia’s Oil Minister Ali-Al-Naimi said that, for the OPEC and Saudi Arabia it would be “difficult, if not impossible” to give up market share by cutting supply, even as US crude production surges to the highest level in three decades.At the MCX, Crude Oil futures, for the January 2015 contract, is trading at Rs 3,508 per barrel, down by 1.65 per cent, after opening at Rs 3,545, against a previous close of Rs 3,567. It touched an intra-day low of Rs 3,476. (At 11:42 AM).
